Uber says the IRS is examining its tax returns
The federal agency's audit is specifically for 2013 and 2014.
Taxy.
Uber confirmed that the Internal Revenue Service is taking a look at its 2013 and 2014 tax returns. The company, which lets you hail a ride through an app on your phone, released the information Tuesday in a regulatory filing, adding that "various state and foreign tax authorities" are also looking into its taxes.
Uber said it isn't sure how much any adjustments will amount to or when they'll be made, but the company said it's reserved "adequate amounts" to cover any costs.
Uber declined to comment beyond what's in the filing.
The filing comes a week after the company announced its first-quarter earnings as a public company, which included a $1 billion loss but a slight rise in revenue. The ride-hailing service had a bumpy debut on Wall Street in May and has struggled since then. Its shares were trading slightly up on Tuesday, at around $42 per share, but they're still below its IPO price of $45 per share.
In its original S-1 filing to become a public company, Uber mentioned that the IRS was looking into its tax returns. It's not unusual for the government agency to examine large companies' taxes. The IRS has gone after Apple and Amazon in the past.
Uber said in the filing Tuesday that its major tax jurisdictions are the US, Brazil, the Netherlands, Mexico, Australia, Singapore, India and the UK.
Originally published June 4, 12:22 p.m. PT.
Update, 3:30 p.m.: Adjusts wording in headline to clarify the IRS is conducting an audit.